rice nigeria price production

The presidency has expressed optimism that with the bumper harvest expected from farmers, the price of a bag of rice would crash to N9,000.

Advertise With Us

This statement came from Lauretta Onochie who is Social Media Aide to President Muhammadu Buhari.

Onochie was reacting to a report by a local daily which quoted the president of the Rice Farmers Association of Nigeria (RIFAN), Aminu Goronyo, as saying that there was a bumper harvest of the food crop in the country.

In a tweet on her handle, Onochie noted that “Rice addicts like me, should expect a crash in the commodity’s price to about ₦9,000 per 50kg bag in 3 weeks, as rice farmers record a bumper harvest.

“Instead of paying 25,000 for “Foreign” Nigerian Rice, you will now have extra ₦16,000 towards other needs.”

Saving Cost

In the report, the RIFAN boss said, “We have realised many successes by the border closure resulting in the saving of about N300 billion from the annual rice importation to Nigeria.

“Today, we are no longer dependent on the rice we consume in the country with only N80 billion to produce locally on an annual basis.

“Before 2015 Nigeria, spent nothing less than N368 billion for rice importation but today that same money is in circulation within the country’s business community.

“Moreover, the border closure is part of President Muhammadu Buhari’s patriotic gesture and encouraging Nigerians to follow suit.

“However, the closure is not to enrich rice farmers but a devotion to the welfare of the country and commitment to compete with other nations.”